The Canadian government has allotted $3.5 billion in climate funds to support the promotion of biodiversity conservation, climate change mitigation, adaptation and resilience programs in the Philippines.
The Presidential Communications Office, in a news release, said the Philippine government is working with the United Nations Development Program and the Canadian government to reduce the climate finance gap through natured-based solutions projects.
Andrew Hurst, Global Affairs Canada Climate Finance executive director, said the joint projects include research and knowledge sharing and activities that promote “biodiversity conservation, climate change mitigation, adaptation, and resilience with consideration for gender equality.”
The collaboration and finance commitment will run until 2026.
Hurst, however, said some of the projects being undertaken “can really generate some ideas and form some creative solutions that themselves may have a life beyond the end of the project.”
He said Canada will stay engaged in the Philippines both in climate finance and bilateral assistance programs.
Hurst said they are also looking at ways to encourage the private sector, both international and Philippines investors, who are looking for opportunities to invest in climate change solutions.
He said apart from mitigating the impact of climate change, the joint efforts would also help address or contribute to addressing “a number of persistent issues” such as poverty, gender inequality and the need to “support communities that are often dependent on nature for their livelihoods while also looking to conserve and sustain…biodiversity.”
On Monday, the Asian Development Bank (ADB) said it has programmed $10 billion in climate finance for the Philippines for the period of 2024 to 2029.
The support, announced by ADB president Masatsugu Asakawa at a high-level dialogue on financing coalitions at COP28 in Dubai, will help the Philippines implement its commitments to climate action under the Paris Agreement.
The high-level dialogue was organized by ADB and attended by Finance Secretary Benjamin Diokno, Environment Secretary Maria Antonia Yulo-Loyzaga and ministers from other countries.
ADB is currently preparing its country partnership strategy for the Philippines for 2024 to 2029, which will prioritize climate action and promote inclusive growth.
The Philippines, an archipelago of more than 7,600 islands, topped last year’s World Risk Index that assesses which populations are most at risk to earthquakes, cyclones, floods, droughts and sea-level rise.
Capital-intensive industries and the agriculture sector were likely to suffer most due to economic damage brought about by intense and more frequent extreme weather events, the Washington-based lender said.
The World Bank said in its report many actions do not require investments, such as ensuring that new construction does not occur in areas at risk of floods, storm surges or rising sea levels.
Support for renewable energy, energy efficiency, sustainable transport, and for building smart cities, should be scaled up to mitigate the impact of climate change, the report said.
